Toys 'R' Us stores in Canada, USA draw $890M bid

Share

A local woman's boss is getting a lot of attention for a rendition of the Toys "R" Us jingle that adds in a new twist now that the company is going out of business.

Toys R Us' troubles have already shaken some big toy makers like Mattel and Hasbro.

Isaac Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the U.S. and Canada.

Larian, who runs MGA Entertainment, will use his own money for the bid, along with financing from banks and additional investors, according to a press release.

A campaign led by a billionaire toy executive who pledged $200 million with other investors in hopes of saving part of the bankrupt chain has foundered, with only $59,000 more raised in three weeks.

Nostalgia hasn't translated into dollars in a long-shot effort to crowdfund a future for Toys R Us. "The industry will truly suffer".

Toys R Us announced in March it would be closing all of its stores, and liquidation sales began a week later. The crowdfunding effort was designed only to raise awareness, she said.

In the past, Larian has blamed the demise of Toys "R" Us on its private equity owners, which saddled the company with debt. I wanted to stay a Toys "R" Us kid. For over 65 years, Toys " R " Us has played a vital role in the growth, education and creative development of millions of children, giving Larian his first break when he entered the business more than 30 years ago.

"Imagine a mini-Disneyland in each neighborhood", Larain explained.

"Every penny it made went to paying the debt service", he said in an interview with CNNMoney last month.

Share